Credit Card Terminology

Credit Card Terminology

Assessment

Flashcard

Instructional Technology

7th Grade

Easy

Created by

Rebecca Dunhem

Used 1+ times

FREE Resource

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12 questions

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1.

FLASHCARD QUESTION

Front

Annual Fee

Back

This is the charge from a credit card company each year for use of that credit card. Not all credit cards have this fee.

2.

FLASHCARD QUESTION

Front

Balance

Back

The amount of money owed on a credit card account.

3.

FLASHCARD QUESTION

Front

Credit

Back

Borrowed money that you can use to purchase goods and services, which you agree to pay back over time. It is a promise to pay someone later.

4.

FLASHCARD QUESTION

Front

Credit Card

Back

A payment card where the credit card company pays for an item and allows the customer to pay off the full balance over time, charging interest until paid in full.

5.

FLASHCARD QUESTION

Front

Credit Limit

Back

The maximum amount a credit card company allows you to charge on your card, based on your ability to handle debt.

6.

FLASHCARD QUESTION

Front

Debit Card

Back

Different from credit cards, debit cards allow you to make purchases similar to a credit card and access ATMs, deducting the specified amount directly from your checking account.

7.

FLASHCARD QUESTION

Front

Debt

Back

The money that is owed to someone else. If you have credit card debt, you owe money to the credit card company.

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